The truth about Asian investment banking
China’s $1.7 trillion hangover

China’s $1.7 trillion hangover

Up to 40% of China’s $1.7 trillion LGFV loans are at high risk of default. What’s a panicking Beijing to do?

June 1986

Are Barclay's days of empire over?

by Evans, Richard


Large marble pillars dominate the entrance to Barclays Bank's 54 Lombard Street headquarters. A crystal chandelier hangs from the ceiling. And across from the main reception desk, a gently cascading fountain completes the impression of opulence. Visiting bankers are ushered to their appointments by liveried porters, their uniforms little changed from the days of Francis Augustus Bevan who helped found the bank in 1896 and was its first chairman.

Set in what looks like gold leaf on the floor are three eagles. They commemorate historic events. The first records the origin of the black, spread eagle as the bank's symbol. The second marks the foundation of Barclays' international ventures. And the third eagle recalls the foundation of Barclays French subsidiary, Cox & Co., in 1914. From a distance the eagles are impressive emblems of Barclays' power. But on closer inspection it's obvious the coloru is fading and the feathers are...


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